Naphtha CIF NWE Cargoes vs Brent 1st Line Swap

Description

A monthly cash settled swap based on the difference between the
Platts daily assessment price for Naphtha CIF NWE Cargoes and the
ICE daily settlement price for Brent 1st Line Future

Market Specifications

Trading Screen Product Name

Naphtha Crack Futures

Trading Screen Hub Name

Naphtha CIF NWE Cg/Brent 1st Line

Rule Number

13108

Commodity Code

NOB

Contract Size

1,000 metric tonnes (8,900 bbls)

Unit of Trading

Any multiple of 1,000 metric tonnes

Currency

US Dollars and cents

Trading Price Quotation

One cent ($0.01) per barrel

Last Trading Day

Last Trading Day of the contract month

Final Settlement

In respect of final settlement, the Floating Price will be a price in USD and cents per barrel based on the difference between the average of the mean of the high and low quotations appearing in the "Platts European Marketscan" under the heading "Northwest European cargoes" subheading "CIF NWE/Basis ARA" for "Naphtha" and the average of the settlement prices as made public by ICE for the front month Brent 1st Line Swap for each business day (as specified below) in the determination period.

Roll Adjust Provision

In order to use the correct Floating Price quotations, the nearby month quotation for ICE Brent Futures specified in the Floating Price terms above will be used except for the expiration date of the commodity's underlying delivery month's futures contract. On such date, the applicable pricing quotation will be rolled to the following month's futures contract.

Contract Series

Up to 48 consecutive months, or as otherwise determined by the SEF

Final Payment Date

Five (5) New York Business Days after each settlement date via wire transfer of Federal funds

Business Days

Publication days for Platts European Marketscan

Other Terms

To be confirmed directly between the parties in their full form of contract. The terms reflected in such contracts shall be controlling.